ANN ARBOR—Recent research has shown the enormous differences in how white and black Americans maintain income positions across two generations. Now, a new study traces family wealth across three generations, and reveals large gaps in the transmission of that wealth.
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ANN ARBOR—Recent research has shown the enormous differences in how white and black Americans maintain income positions across two generations. Now, a new study traces family wealth across three generations, and reveals large gaps in the transmission of that wealth.
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About half the African-American grandparents in the study were homeowners in the 1960s, compared to 82 percent of white grandparents. But two generations later, rates of homeownership were higher for white grandchildren of those who did not own homes than for African-Americans whose grandparents owned homes. I wonder why...